Airtel Africa has cleared dues worth $450 million (Rs 35.65 billion) by purchasing notes through a tender offer. The aforesaid sum represents 45 per cent of the total principal amount outstanding of the notes. With this, the recent tender offer raised by the company to buy back up to $450 million, stands cancelled.
Airtel Africa business is managed by Bharti Airtel International (Netherlands) BV. Of late, the company also issued a tender offer to purchase $300 million worth of its 5.35 per cent guaranteed senior notes of $1 billion due 2024.
Meanwhile, according to the disclosure made in the regulatory filing, the aggregate principal amount of notes that remain outstanding as of July 7, 2022, was declared to be $550 million. Moreover, the company’s move to enhance the tender offer follows tendering of debt notes worth over $488 million by the bondholders. The company has come up with a tender offer to optimise its balance sheet and reduce debt.